More Great Housing Data!

As the final days of summer start to wane, Twin Cities home buyers posted their 14th consecutive week of double-digit, year-over-year gains. For the week ending August 13, there were 47.4 percent more purchase agreements signed than during the same week last year. A total of 952 buyers entered contract.

Sellers continued their slowdown, introducing only 1,387 new properties to the marketplace. That's 13.7 percent fewer than last year at this time. Slowed listings and comparatively strong sales figures have helped inventory levels post their largest weekly decline on record. The 24,232 active listings for sale were down 19.7 percent from last year. That record will likely be broken next week.

Renewed economic uncertainties combined with the Fed's announcement to maintain low interest rates could motivate some buyers to postpone their purchases. Though apparent in financial markets, the trepidation has yet to show up in local housing numbers. July's monthly data actually brought relief to some critical market indicators. Price declines are shrinking along with seller concessions, and absorption rates are finally moving in the right direction – toward balance.

This is all good news as those that want to sell have less competition. Those that are buying still have enough to choose from and rates are at historic lows! Now is a great time to buy or sell. Fill out this form if there is anything I can do for you.

Uplifting Real Estate News!

While day traders continue along their roller coaster ride, 997 Twin Cities home buyers made the smart investment in real estate. That's 40.0 percent more than those who made the investment last year. As this year's pending sales trend line rounds off its seasonal peak, you'll notice that purchase demand is coming back in line with historical trends.

Sellers were another story. There were 1,433 new listings, 18.7 percent fewer than this time last year. Seller activity has also likely reached its seasonal peak but remains below historical levels for this time of year. Consequently, buyers have effectively absorbed existing supply. That's a good thing. The number of active listings is down 18.5 percent to 24,362 available homes for sale.

With strong sales and less new supply entering the market, the balance is shifting toward neutral. Both the prevalence and magnitude of seller concessions have stabilized, and absorption rates improved in July after 12 months of sizable increases. Though still slightly lower than last summer, prices have increased nearly 18.0 percent from March to June of this year.

If you or anyone you know is thinking of buying, the bottom we have all been looking for may be here! Drop me an email or call me at 612.308.4708. I'd be happy to help direct you down the right path. ~ Joe Koltes Visit my website at www.go2joe.com

Home Sales Rise in February!

WASHINGTON — Pending sales of previously owned U.S. homes unexpectedly rose in February, a trade group said on Monday, pointing to a modest pick-up in home sales. >Economists had expected the index, which leads existing home sales by a month or two, to fall 1.0 percent after a previously reported 2.8 percent decline.

This is especially good news from everyone's perspective. The spring market in real estate, generally the best time to get a home sold, is February through July 1. A drop in home sales in February would be an indicator of a slow housing recovery in a thought to be good time to sell.

When thinking of selling or buying, consider this: If your home has lost $50,000 in value, most likely the home you'd like to purchase has too. The benifeit to this is lower property taxes. The home you are purchasing will have a lower market value, meaning lower property taxes thank you would have paid 5 years ago.

Also interest rates are in the 4.5% fixed for 30 year range. This means thousands of dollars saved over the life of your loan verses buying 5 years ago.

Call me or email with any questions or if you'd like a FREE MARKET ANALYSIS, I'd be happy to help!
~Joe Koltes

Monthly Skinny on the Real Estate Market!

As there are so many negative stories on the real estate market, I remain optimistic. Bullish in fact. My business has stayed the course for three years with the philosophy "work hard and remain positive." There are truely significant signs the real estate market is turning. The stats do not lie my friends. We are heading to better waters. By next spring we may be back to a balanced market! jkoltes@gmail.com

Click on the link below for a short video that will inspire you that our Minnesota housing market is on it's way!

Where has the Minneapolis real estate market been and where is it heading? This monthly summary provides an overview of current trends and projections for future activity.
Click here for the full report!

Housing Supply Outlook!

What to Watch For

The number of townhome sales in the Twin Cities metro area has increased over the last year by 0.4 percent after several consecutive years of declines in
unit sales. Can you guess the price point where townhouse sales increased the heaviest in the past year? Under $120,000, where sales have more than tripled.
Of the 1,898 townhouse sales in that segment, 1,557 were lender-mediated foreclosures and short sales. Click here for the complete report.

There are currently 7.6 months of supply available, down 28.6 percent from last year at this time when the mark was 10.4 months. The biggest drops in supply
have been seen in the single-family detached and townhouse markets—the months supply of condominiums still sits at 12.5 months. Email Me

Sales are up overall, but in the higher price ranges sales are still down over 20 percent year-over-year. In the $1,000,000 and higher segment there is almost 3
years of supply available.

If you have any questions or need help with your housing needs, please drop us an email.
Call anytime Joe 612-308-4708 Tom 612-865-9778